Bangkok--14 Sep--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Orange County Sanitation District, Calif.'s $146.25 million series 2011A wastewater refunding revenue obligations. The outlook is stable.
"The 'AAA' long-term rating reflects our view of such factors as the district's very strong historical and projected cash reserves, ability and willingness to increase rates, and monopolistic position as virtually the only provider of wastewater treatment for the cities it serves," said Standard & Poor's credit analyst Paul Dyson.
We understand that series 2011A proceeds from the revenue obligation will refund various bonds for savings.
The stable outlook reflects our anticipation that adopted rate increases will likely provide a strong cushion in both debt service coverage and liquidity as the district continues to implement its capital outlay plans.
RELATED CRITERIA AND RESEARCH
- USPF Criteria: Standard & Poor's Revises Criteria For Rating Water, Sewer, And Drainage Utility Revenue Bonds, Sept. 15, 2008
- USPF Criteria: Bond Anticipation Note Rating Methodology, Aug. 31, 2011
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ola Fadahunsi, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Robert Hannay, San Francisco (1) 415-371-5038